VA Loan Maryland

VA Home Loan Maryland Benefits:

* No Money Down! The #1 Benefit of the VA Loan
* Competitively Low Interest Rates
* Limited Closing Costs
* No need for PMI-Private Mortgage Insurance
* Lifetime Benefit
* Quick Closing Times!

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What Is A VA Loan Maryland?

A VA loan Maryland is a home mortgage loan given by private lenders and secured by the U.S department of veterans’ affairs for military personnel, active duty, national guard, veterans and their families. It enables U.S veterans, the active-duty service members, and widowed service members’ spouses to buy a home. VA loan were introduced as part of the GI Bill in 1944 to help the veterans, and they have become popular over time. In early 2019, 8% of homes were acquired using a VA loan Maryland. 

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How Does A VA Home Loan Maryland Work?

VA home loans are non-conventional home loans. Since the VA loan are government-insured they do not have the conventional mortgage system that you get from banks and other lenders.

The non-conventional home loans are easy to get since the banks assume less risk than conventional loans. This means that the U.S department of veterans affairs undertakes to repay a part of the loan to the lender if you are unable to make payments or if you face foreclosure.

Benefits of VA Loan Maryland

  • No Down Payment Home Loan- This is far and away the program’s signature benefit. Qualified Maryland VA Loan borrowers can purchase up to a county’s conforming loan limit without a down payment. Those limits can change every year and are higher in more expensive areas.

     

  • No Private Mortgage InsuranceVA loan do come with a mandatory funding fee that goes directly to the Department of Veterans Affairs. Borrowers with a service-connected disability are exempt from paying this fee, which helps keep the program going for future generations. 

Looser Credit Requirements- Credit score requirements have started to thaw, but that hasn’t made life significantly easier for many military buyers. The credit benchmarks set by both conventional and FHA lenders can still be tough to hit. With the VA Loan and the help of CambridgeHomeLoan.com you can achieve your goal of homeownership today!

What Does A VA Loan Offer?

A VA-backed purchase loan often offers:

  • No down payment as long as the sales price isn’t higher than the home’s appraised value (the value set for the home after an expert reviews the property)
  • Better terms and interest rates than other loans from private banks, mortgage companies, or credit unions (also called lenders)
  • The ability to borrow up to the Fannie Mae/Freddie Mac conforming loan limit on a no-down-payment loan in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment.
    • No need for private mortgage insurance (PMI) or mortgage insurance premiums (MIP)
      • PMI is a type of insurance that protects the lender if you end up not being able to pay your mortgage. It’s usually required on conventional loans if you make a down payment of less than 20% of the total mortgage amount.
      • MIP is what the Federal Housing Administration (FHA) requires you to pay to self-insure an FHA loan against future loss.
    • Fewer closing costs, which may be paid by the seller
    • No penalty fee if you pay the loan off early
    CambridgeHomeLoan.com can get you started on your path to home ownership. Click Here to apply!

    What Can I Buy With A VA Loan?

    If you qualify for a VA-backed purchase loan, you can use the loan to:

    • Buy a single-family home, up to 4 units
    • Buy a condo in a VA-approved project
    • Buy a home and improve it
    • Buy a manufactured home or lot
    • Build a new home
    • Make changes or add new features (like solar power) to make your home more energy efficient

    With a VA Mortgage Loan You Can:

    • Get a VA-backed home loan to buy your first home
    • Use your VA loan benefit again if you sell or refinance a home you bought with a VA-backed home loan
    • Assume a VA-backed home loan (which means that instead of opening a new mortgage loan, the buyer takes over the seller’s loan)

    How can I buy a no money down home with a VA-backed purchase loan?

    Buying a home is a complex process, and getting a VA-backed purchase loan is only one piece of the puzzle. Start by filling out an application Here!

To qualify for a VA (Veterans Affairs) mortgage loan in Maryland, you’ll need to meet certain eligibility criteria set by the VA. Here are the general requirements:

Eligibility: You must be an eligible veteran, active-duty service member, National Guard member, Reservist, or surviving spouse of a veteran who meets the VA’s criteria. Forward a copy of your DD-214 to info@cambridgehomeloan.com with your contact information and we will call to have you qualified today!

Certificate of Eligibility (COE): You need to obtain a Certificate of Eligibility from the VA. This document verifies your military service and confirms your eligibility for a VA loan.

Credit Score: While there’s no minimum credit score required by the VA, most lenders will have their own credit score requirements. A good credit score (typically around 620 or higher) will increase your chances of approval and help you qualify for better interest rates. Learn more about your FICO. 

Income: Lenders will assess your income to ensure you can afford the mortgage payments. They will look at your employment history, current income, and any additional sources of income.

Property Requirements: The property you intend to purchase must meet VA’s Minimum Property Requirements (MPRs). These requirements ensure that the property is safe, sanitary, and structurally sound.

The VA Funding Fee: VA loans typically require a funding fee, which helps offset the cost of the loan to taxpayers. The amount of the funding fee varies depending on factors such as your military status, down payment amount, and whether you’ve used your VA loan benefit before.

Residency: You must intend to use the property as your primary residence.

It’s important to note that while the VA sets guidelines for VA loans, lenders may have additional requirements. It’s advisable to contact CambridgeHomeLoan.com for expert advice on obtaining your no money down home loan.

CambridgeHomeLoan.com can manage all of your real estate loans from ground up construction, spec houses to fix and flip and fix to rent home loans. When you want to get your price and close in just a few days to easy rehab draws that can help you get your project done on time and in budget. Give us a call today with your project outline and we can give you the possibilities.

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